Lumina Company was organized on April 1, 2022. The company prepares quarterly financial statements. The adjusted trial

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Lumina Company was organized on April 1, 2022. The company prepares quarterly financial statements. The adjusted trial balance at June 30 is shown here.
Debit Credit $ 5,360 Accumulated Depreciation- Equipment Notes Payable Cash $ 700 Accounts 480 4,000 Receivable Accounts Payable Prepaid Rent 720 790 Supplies 920 Salaries and 300 Wages Payable Interest Payable Equipment 12,000 40 Dividends 500 Unearned Rent 400 Revenue Salaries and 7,400 Common Stock 11,200 Wages Expense Rent Expense


a. Determine the net income for the quarter April 1 to June 30.

b. Determine the total assets and total liabilities at June 30, 2022, for Lumina Company.

c. Determine the amount that appears for Retained Earnings at June 30, 2022.

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Financial Accounting

ISBN: 9781119594598

11th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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